On Tuesday February 2nd, 2021, former world's richest man and Amazon Chief Executive Officer, Jeff Bezos announced his decision to step down from the helm of affairs at the company.
Bezos founded Amazon in 1994 from his personal garage. Bezos owns a string of other companies including aerospace company, Blue Origin and The Washington Post.
Amazon is currently one of the most valuable companies in the world, with its market value at close to 1.7 trillion US Dollars. Bezos has followed in the footsteps of other business moguls such as Bill Gates of Microsoft and Larry Ellison of Oracle, who have all at one point or the other stepped down from being CEO of their companies to take a backseat.
Amazon was founded as an Online bookstore in 1994 just as Netbet Nigeria
and has grown under the keen eye of Jeff Bezos into one of the world's leading companies after it survived the beginning of the internet era. It was as Amazon CEO that Bezos became the world's richest man in 2017, before Tesla CEO Elon Musk overtook him to become the world's richest man in 2020.
Bezos also does several philanthropic works with the Day 1 fund and the Bezos Earth fund, which are used for helping indigent and homeless families, and sending kids to school in low-income communities.
Bezos' position will now be filled by Amazon Web services Chief Executive Officer, Andy Jassy. Jassy has been an Amazon employee since 1997 and was instrumental in helping the company establish an online presence.
He built the company's cloud services as a sort of secondary business to its e-commerce services, and it has gone on to bring immense profit to the company since then, accounting for up to 60% of operating profit. Jassy's move was one of the turning points in Amazon's history.
Amazon has done incredibly well despite the pandemic that ravaged the world in 2020, posting a record 38 percent growth in net sales from 2019, recording a $21 billion income, almost double what it did in 2019. Bezos is expected to transition into the role of executive chair starting from the third quarter of 2021 from July 1st.
In his message to Amazon employees, he stated that his decision to step back will give him the time and energy to focus on other businesses and interests of his, such as The Washington Post, Blue Origin, the Bezos Earth fund, and Day 1 fund, among others.
Amazon have announced that Bezos will not be leaving the company but will be going into a very important executive chairman role.
Bezos' decision to transition into a different role has been taken quite well by Amazon's investors and has had no negative effect on the company's stocks and share price.
In fact, the company's share price increased by about 1.5% after the announcement.
Chief Financial Officer, Brian Olsavsky also assured investors that Jeff Bezos would not be leaving the company completely but was only going to change his role in the company. Jeff Bezos will not be spending his time after this change in roles in a casino and sports betting sector.